Tikehau Capital and Foncière Atland sell a portfolio of 180,000 m2 of industrial assets to Blackstone

Tikehau

Paris, 26 December 2019 – Tikehau Capital, the alternative asset management and investment group, and Foncière Atland, a listed real estate investment trust, today announced the sale of a portfolio of 22 industrial assets held by TRE 1, a fund managed by Tikehau Capital and let to Elis, to a fund managed by Blackstone.

TRE 1 is predicted to achieve close to 2x return based on initial investment for its investors.
The 22-asset portfolio, which was acquired in 2014 by Tikehau Capital through the fund Tikehau Real Estate 1 (TRE 1), includes 21 buildings used for operational purposes and a logistics warehouse located in France. These assets are let to Elis, a leader in rental and cleaning solutions for flat linen, work clothing, and hygiene and wellness equipment, totalling 178,528 m². TRE 1 was launched by Tikehau Capital in March 2014, and Foncière Atland took care of the asset management of the portfolio.

This deal initially encompassed the sale and leaseback of 17 fully-owned French sites primarily used as industrial laundries, let to Elis Group. In late June 2014, TRE 1 acquired 5 additional sites in a second transaction, bringing the total assets in the portfolio to 22. The initial investment was secured by 15 years term leases. The portfolio benefits from a residual firm period of over 9 years on the leases.
The seller in this transaction was advised by Catella Property, as well as Clearwater, Gide, BDGS and Étude Chevreux.

About Tikehau Capital:
Tikehau Capital is an asset management and investment group with €24.3bn of assets under management (as at 30 September 2019) and shareholders’ equity of €3.1bn (as at 30 June 2019). The Group invests in various asset classes (private debt, real estate, private equity and liquid strategies), including through its asset management subsidiaries, on behalf of institutional and private investors. Controlled by its managers, alongside leading institutional partners, Tikehau Capital employs more than 500 staff (as at 30 September 2019) in its Paris, London, Amsterdam, Brussels, Luxembourg, Madrid, Milan, New York, Seoul, Singapore and Tokyo offices.
Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP)
www.tikehaucapital.com

Press Contacts:
Tikehau Capital: Julien Sanson – +44 20 3821 1001
Finsbury: Arnaud Salla & Charles O’Brien – +44 207 251 3801
press@tikehaucapital.com
Shareholders and Investors Contact:
Louis Igonet – +33 1 40 06 11 11
shareholders@tikehaucapital.com

Disclaimer
This transaction was carried out by TIKEHAU INVESTMENT MANAGEMENT SAS (on behalf of the funds that it manages), a portfolio management company approved by the AMF since 19/01/2007 under number GP-0700000006.
This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed.
Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of Tikehau Capital and/or its affiliates. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relates to Tikehau Capital North America.

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CapMan Real Estate acquires three office and mixed-use buildings in Stockholm

Capman

CapMan Real Estate press release          23 December 2020 at 8.30 a.m. EET

CapMan Real Estate acquires three office and mixed-use buildings in Stockholm

CapMan Nordic Real Estate III Fund has agreed to acquire a portfolio of three office and mixed-use buildings in Västberga, south of central Stockholm from Wäsö Fastigheter.

The portfolio consists of one office building and two mixed-use office and warehouse buildings. In total the portfolio comprises over 30,000 sqm of lettable space, out of which approximately 30% is currently vacant. CapMan plans to refurbish the properties to meet modern standards for commercial space and to substantially decrease the energy footprint of the portfolio.

Västberga is the most centrally located industrial area in Stockholm. The properties are situated next to the E4 motorway and close to public transport, providing effortless and fast access to central Stockholm.

“This portfolio is a great addition to our growing third value-add fund. Following our planned updates, the properties will provide a welcomed addition of high-quality office and warehouse space in the area. Upgrading the technical systems in the buildings will improve the energy efficiency, with reduced emissions and energy costs as a result, further increasing the attractiveness of the space for a wide variety of tenants,” says Anna Reuterskiöld, Partner and Head of CapMan Real Estate Sweden.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets. The team was awarded UK & European Opportunistic Property Manager of the Year at the 2020 Professional Pensions Investment Awards.

CapMan Nordic Real Estate III Fund, the team’s third Nordic value-add fund, was established in September 2020 and has raised EUR 449 million to date with a target size of EUR 500 million. The acquisition will become the fund’s sixth transaction and the second in Sweden.

For further information, please contact:
Anna Reuterskiöld, Partner, Head of CapMan Real Estate Sweden, tel. +46 731 54 22 31

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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Blackstone Real Estate Income Trust Completes Acquisition of Simply Self Storage for Approximately $1.2 Billion

Blackstone

NEW YORK, December 18, 2020 — Blackstone Real Estate Income Trust, Inc. (“BREIT”) today announced that it has completed its previously announced acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Simply Self Storage’s high-quality portfolio comprises eight million square feet across the U.S. With this acquisition, BREIT becomes the third largest non-listed owner of storage in the U.S.1

Simpson Thacher & Bartlett LLP served as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities Inc. served as financial advisors to BREIT. RBC Capital Markets LLC, Newmark Group Inc., and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield.

The transaction was announced on October 26, 2020.

Blackstone Real Estate Income Trust 
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $174 billion in investor capital under management. Further information is available at www.breit.com.

​​​​​Contact
Ilana Mouritzen
Ilana.Mouritzen@Blackstone.com
Tel: (212) 583-5776
​​

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CapMan Real Estate exits office building located north of Helsinki CBD to Castellum

Capman

CapMan Real Estate press release 14 December 2020 at 9.30 a.m. EET

CapMan Real Estate exits office building located north of Helsinki CBD to Castellum

CapMan Nordic Real Estate Fund has agreed to sell Hämeentie 15, an office building located in the Sörnäinen district of Helsinki, to listed Swedish real estate company Castellum. The purchase price amounts to approximately EUR 23 million.

CapMan acquired the building in 2016. During its ownership, CapMan has completed an extensive refurbishment of the property and transformed it to fit with the neighbourhood’s profile. The previously outdated office layout has been modernised to flexible open-office space to accommodate the quality-conscious tenant base. The majority of the 7,880 sqm leasable area has been re-leased during CapMan’s ownership.

Hämeentie 15 was built in 1956 with an extension in 1990. The historic property is strategically located just north of Helsinki CBD where the post-industrial environment and creative atmosphere meets the demand for accessible and increasingly central offices and business premises. Hämeentie has undergone significant re-development during recent years to accommodate for public and light transport and to increase the attractiveness of the area.

“We have completed significant updates to Hämeentie 15 during our four years of ownership and are very pleased with the transformation that this property has undergone. During our ownership we have brought in high-quality tenants, updated the tenant mix completely and increased the net operating income significantly. Now is the perfect timing for a new owner to take over,” says Sampsa Apajalahti, Investment Director at CapMan Real Estate.

Hämeentie 15 is the 14th exit of the 2013 vintage value-add fund, which has nine assets left in the portfolio. The team’s third Nordic value-add fund, CapMan Nordic Real Estate III, was established in September 2020 and has raised EUR 449 million to date with a target size of EUR 500 million.

CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets. The CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. The team was awarded UK & European Opportunistic Property Manager of the Year at the 2020 Professional Pensions Investment Awards.

For further information, please contact:
Sampsa Apajalahti, Investment Director, CapMan Real Estate, tel. +358 40 575 2363

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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CapMan Real Estate acquires highly visible office building in northern Stockholm area in renovation and lease-up scheme

Capman

CapMan Real Estate press release 11 December 2020 at 3.15 p.m. EET

CapMan Real Estate acquires highly visible office building in northern Stockholm area in renovation and lease-up scheme

CapMan Nordic Real Estate III Fund has agreed to acquire Sadelplatsen 1, a vacant office building in Järva Krog, Solna, from Fabege in an off-market transaction.

The 6,360 sqm property consists mainly of office and showroom space as well as a parking facility and is currently 94% vacant. CapMan is evaluating various plans for the development of the property, which, due to its flexibility, could suit many different types of tenants. Solna is one of the strongest office locations in the Stockholm region due to its supply of modern offices, proximity to central Stockholm as well as the northern Stockholm suburbs. Järva Krog has excellent access to public transport as well as the E4 motorway and is currently undergoing strong commercial and residential development, which will further improve the attractiveness of the area.

“We are very pleased with the acquisition and with the prospect of tailoring the asset to fit today’s requirements and expectations for office space. Our team has a lot of experience from similar renovation and lease-up cases in Solna. We have already initiated lease discussions and gained strong interest from several potential tenants,” says Anna Reuterskiöld, Partner and Head of CapMan Real Estate Sweden.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets. The team was awarded UK & European Opportunistic Property Manager of the Year at the 2020 Professional Pensions Investment Awards.

CapMan Nordic Real Estate III Fund, the team’s third Nordic value-add fund, was established in September 2020 and has raised EUR 449 million to date with a target size of EUR 500 million. The acquisition is the fund’s fifth transaction.

For further information, please contact:
Anna Reuterskiöld, Partner, Head of CapMan Real Estate Sweden, tel. +46 731 54 22 31

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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Partners Group agrees investments in two real estate portfolios in Europe valued at EUR 500m

Partners Group

Partners Group, the global private markets investment manager, has this quarter agreed to invest in two real estate portfolios in Europe on behalf of its clients, comprising eleven residential properties in Italy and eleven office assets in Poland. The properties have a gross asset value of EUR 500 million and a combined leasable area of 170,000 square meters.

The eleven residential properties in Italy are spread across major urban centers; the majority are located within the center of Milan, with the balance in Rome and Turin. The leasable area of 70,000 square meters will be managed by Italian operating partner InvestiRE SGR, part of Banca Finnat Group, which will co-invest alongside Partners Group. The Polish office portfolio comprises eleven class-A office properties in Kraków and Wrocław, which are currently made up of 100,000 square meters of standing assets, with around 25,000 additional square meters under construction. The assets will be managed by Polish operating partner REINO Capital.

Partners Group and its operating partners will make significant operational enhancements at assets in both portfolios. In Italy, the residential value creation plan includes unit-by-unit renovations, a full refurbishment of common areas, and selective re-development projects. At the office assets in Poland, the portfolio is comprised of cash-flowing assets let to good-quality tenants, as well as two partially pre-let development projects which provide significant value-add potential. Value creation efforts across both portfolios will reflect Partners Group’s focus on sustainability, community and wellness through amenities, such as gym facilities and co-working spaces, as well as energy efficiency.

Marco Denari, Member of Management, Private Real Estate Europe, Partners Group, states: “Milanese city-center locations, as well as exposure to blue-chip office tenants in Poland, provide significant downside protection and counter-cyclical features, which are in line with Partners Group’s relative value investment approach. In addition, the proprietary sourcing of both investments is a testament to our local presence and ability to provide tailored investment solutions across Europe. We are excited to begin working on the transformational value creation plans our asset management team has identified for these promising assets.”

Mike Bryant, Partner, Co-Head Private Real Estate, Partners Group, adds: “These two significant investments are representative of Partners Group’s core strategy of creating value across good quality, cash-flowing assets, with upside potential through medium-term, high-visibility asset management initiatives. We continue to find these locations attractive for opportunities in residential and office, and look forward to working with our local operating partners on enhancing the assets both from an operational and sustainability standpoint.”

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KKR Grows Real Estate Industrial Portfolio in Texas with New Acquisitions in Dallas and Houston

KKR

December 4, 2020

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the acquisition of two industrial distribution properties in Texas totaling approximately 1.8 million square feet for an aggregate purchase price of approximately $171 million.

The newly acquired properties are located in the major markets of Dallas and Houston. Both are state of the art fulfillment centers with an average vintage 2019. The properties were 100% leased at acquisition to two different investment grade tenants on a long-term basis. The properties were acquired from Hines, the international real estate firm, which developed the assets.

“As more consumers migrate to shopping online and expect a seamless delivery experience, the demand for modern logistics real estate in major markets continues to grow,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas. “We are excited to help meet that demand by increasing our footprint in the Dallas and Houston markets with the addition of these two high-quality, stable assets.”

The two properties are the latest industrial assets acquired by KKR’s core plus real estate strategy, growing its total industrial real estate portfolio to approximately 7.2 million square feet. Across its funds, KKR owns over 20 million square feet of industrial property in strategic locations across major metropolitan areas in the U.S.

Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $14 billion across the U.S., Europe and Asia as of September 30, 2020. The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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Eurazeo signs an agreement to acquire the Johnson Estate in London

Eurazeo

Paris, 3 December 2020

Eurazeo Patrimoine, the real assets division of the Group, has reached an agreement with Derwent London for the acquisition of the Johnson Estate (“the Estate”), an office complex of 4 adjacent buildings – including The Johnson Building – and totaling 194,000 sq ft (18,000 sqm).
The buildings are located in the Farringdon district, an up and coming area for office space especially appealing to tenants from the fast-growing TMT sector. It is only a 4-minute walk from the Farringdon Over- and Underground train station which will soon, with the inauguration of the Elizabeth Line, be part of London’s Crossrail network.

The Estate will be the second investment of the partnership set up with Arax Properties in March 2019 with the acquisition of Euston House, a multi-let office building totaling 119,000 sq ft (11,000 sqm) located in Central London. Eurazeo equity investment commitment amounts to around €80 million. It is 94%-leased, therefore generating day-1 income with a strong rental reversion potential. The partners will actively manage and invest in the asset to fully capture the Estate’s rental potential.
Renaud Haberkorn, Managing Partner of Eurazeo, Head of Eurazeo Patrimoine, said:

“This second acquisition in London reflects our capacity to source opportunities in complex environments and our strong convictions in the London real estate market which we believe offers today very interesting value opportunities. The Johnson Estate features significant upside potential associated with a safety net arising from day-1 income generation and we will endeavor to capture rental reversion in the coming years for this well connected property which is ideally located for companies from the fast-growing TMT sector.”

Giles Morse, Partner of Arax Properties, said:
“Arax Properties is delighted to be undertaking this investment with our partners Eurazeo Patrimoine. As with Euston House, the Johnson Estate offers the joint venture the ability to capture the momentum of a burgeoning submarket with improving infrastructure whilst having excellent downside protection. We look forward to another successful partnership.”

About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA
EURAZEO

EURAZEO CONTACTS

PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
email: pbernardin@eurazeo.com
Tel: +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS
mail: vchristnacht@eurazeo.com
Tel:
+33 (0)1 44 15 76 44

PRESS CONTACT

MAITLAND/amo
DAVID STURKEN
mail:
dsturken@maitland.co.uk
Tel: +
44 ( 7990 595 913

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The Real Brokerage Announces Closing of US $20 Million Strategic Investment by Insight Partners

Insight Partners

TORONTO and NEW YORK, Dec. 3, 2020 /PRNewswire/ — The Real Brokerage Inc. (TSXV: REAX) (OTCQX: REAXF) (“Real”) is pleased to announce today the closing of a US $20 million (approximately CDN $26.28 million) equity investment (the “Insight Investment”) by Insight Partners (“Insight Funds” or the “Investors”) through the purchase of preferred equity units (the “Preferred Units”) issued by a newly-formed U.S. subsidiary of Real, REAL PIPE LLC (“REAL PIPE”), which Preferred Units may be exchanged for common shares of the Company (the ” Common Shares”).

On closing, REAL PIPE issued to the Investors a total of 17,286,842 of the Preferred Units at a price of CDN $1.52 per Preferred Unit (along with the Warrants issued by Real described below) for aggregate gross proceeds of US $20 million. The Preferred Units may be exchanged, at any time at the Investors’ option, and at the option of Real on the earlier of: (i) the listing the Common Shares on a nationally recognized stock exchange in the United States (e.g. NASDAQ or NYSE); (ii) Real’ s market capitalization equaling or exceeding US $500 million for a 30-consecutive trading day period; or (iii) immediately prior to a transaction which Real is acquired by a third party on an arms’ length basis (each, a “Forced Exchange Event”), into common shares of Real (“Exchange Shares”) on a one-for-one basis (as may be adjusted from time to time in accordance with the terms of the limited liability company agreement of REAL PIPE). On an as-exchanged basis, the Insight Funds’ holdings of Exchange Shares and Warrant Shares (as defined below) will represent approximately 19.39% of the outstanding Common Shares on a non-diluted basis and 17.94% of the outstanding Common Shares on a fully diluted basis (including in the denominator Common Shares issuable on the exercise of Real stock options and restricted share units currently issued under Real’s stock option plan and restricted share unit plans (respectively), the Warrant Shares and the Exchange Shares). The exchange price of the Preferred Units will be subject to adjustment from time to time in accordance with the terms of the limited liability company agreement of REAL PIPE. The Exchange Shares are free of resale restrictions in Canada but are subject to a four-month hold period imposed by the TSX Venture Exchange (TSXV) in accordance with the policies of the TSXV (the “Exchange Hold Period”).

On closing, in addition to the Preferred Units, Real issued to the Investors a total of 17,286,842 Common Share purchase warrants (each a “Warrant”). Each Warrant will be exercisable by the Investors into one Common Share (each a “Warrant Share”) at a price of CDN $1.90. The Warrants will expire on the date that is five (5) years from the closing, subject to acceleration of the expiry date to the date of a Forced Exchange Event. The Warrants and the Warrant Shares are free of resale restrictions in Canada and are not subject to an Exchange Hold Period.

In connection with the closing of the transaction, Real has increased the size of its board of directors from four (4) directors to five (5) directors and appointed AJ Malhotra, a Vice President of Insight Partners, to the board of directors of Real.

Real and REAL PIPE have also entered into an investor rights agreement with the Investors providing for, among other things, participation rights, certain standstill and transfer restrictions and certain director nomination rights. Real has entered into a registration rights agreement with the Investors providing for, among other things, customary registration rights. Real guaranteed, absolutely and unconditionally, REAL PIPE’s obligations with respect to the Preferred Units (but postponed and subordinated in right of payment to the prior payment of senior indebtedness) pursuant to the terms of a subordinated guarantee agreement entered into with the Investors on closing.

Additional information regarding the Insight Investment and the terms of the Preferred Units and Insight Investment will be included in a material change report to be filed by Real on www.sedar.com, which you are encouraged to read in its entirety This press release is only a summary of certain principal terms of the Insight Investment and is qualified in its entirety by reference to the more detailed information contained in the material change report.

With the additional funding, Real plans to accelerate development of its tech-powered brokerage services for real estate agents and their clients, including building additional services into its turnkey mobile app and opening more geographies.

“We are proud and excited to welcome Insight Partners to Real. Insight has an excellent track record of identifying future market leaders and helping some of the world’s greatest tech companies in their journeys of transforming industries,” said Tamir Poleg, co-founder and CEO of Real. “Insight’s Onsite ScaleUp engine will help us provide unparalleled experience to real estate agents and their clients and expand into new markets. Today is an important milestone for the future of real estate agents across the country.”

“Real leverages best-in-class technology to help real estate agents earn more and build financial security,” said AJ Malhotra, Vice President at Insight Partners. “Our experience and track record in scaling software companies combined with the Real’s tech-driven platform will form a valuable partnership in helping the company continue to expand its agent network, grow its geographic footprint in the U.S., and add additional services to its offering.”

Transaction Advisors

Gowling WLG (Canada) LLP acted as Real’s legal advisor, with U.S. legal support provided by DLA Piper LLP (US). Willkie Farr & Gallagher LLP and Stikeman Elliott LLP acted as legal advisors to Insight Partners.

Early Warning Disclosure

Real’s head office is located at 133 Richmond Street West, Suite 302, Toronto, Ontario, M5H 2L3.

The following private equity fund affiliates of Insight Venture Management, LLC acquired the Preferred Units and the Warrants (and reference to Insight Funds in this section “Early Warning Disclosure” means the following funds): Insight Partners XI, L.P.; Insight Partners (Cayman) XI, L.P.; Insight Partners XI (Co-Investors), L.P.; Insight Partners XI (Co-Investors) (B), L.P.; Insight Partners (Delaware) XI, L.P.; and Insight Partners (EU) XI, S.C.Sp. The address of Insight Funds is c/o Insight Partners, 1114 Avenue of the Americas, Floor 36, New York, NY, 10036.

Insight Funds acquired the Preferred Units and the Warrants for the consideration described in this press release pursuant to a securities subscription agreement entered into on December 2, 2020 among the Insight Funds, Real and REAL PIPE. Immediately prior to the Insight Investment, the Insight Funds and their affiliates had no ownership or control over securities in the capital of Real. Insight Funds will hold the Preferred Shares, the Warrants, and any Common Shares issuable upon the exchange or the exercise of the Preferred Shares or the Warrants, respectively, for investment purposes.

This press release is issued under the early warning provisions of the Canadian securities legislation. An early warning report with additional information in respect of the foregoing matters will be filed and made available www.sedar.com under Real’s profile. To obtain copies of the early warning report, please contact Insight Partners at the details below.

Contact:
Andrew Prodromos, Insight Partners, (212)-931-5239

About Insight

Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow Insight on Twitter @insightpartners.

About Real

Real (www.joinreal.com) is a technology-powered real estate brokerage in 21 U.S. states and the District of Columbia. Real is on a mission to make agents’ lives better, creating financial opportunities for agents through higher commission splits, best-in-class technology, revenue sharing and equity incentives.

Contact Information:

For more details, please contact:
The Real Brokerage Inc.
Lynda Radosevich
lynda@joinreal.com
917-922-7020

No Offer or Solicitation

The offer and sale of the securities described herein was made in a transaction not involving a public offering and has not been registered under the U.S. Securities Act of 1933, as amended, any state securities laws or the securities laws of any other jurisdiction. Accordingly, the securities may not be reoffered or resold in the United States absent registration with the U.S. Securities and Exchange Commission or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Forward-looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as ” seek”, ” anticipate”, ” believe”, ” plan”, ” estimate”, ” expect”, ” likely” and ” intend” and statements that an event or result ” may”, ” will”, ” should”, ” could” or ” might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, information relating to a potential Forced Exchange Event.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQX has neither approved nor disapproved the contents of this press release.

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Fairfax announces sale of Riverstone Europe to CVC Strategic Opportunities II

02 Dec 2020

OMERS has also agreed to sell all of its interests in RiverStone Europe as part of the transaction

Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) announces that it has entered into a binding agreement with CVC Capital Partners (“CVC”) to sell all of its interests in RiverStone Europe to CVC Strategic Opportunities Fund II. OMERS, the pension plan for Ontario’s municipal employees, has also agreed to sell all of its interests in RiverStone Europe as part of the transaction.

The purchase price to be received by Fairfax on closing of the transaction is approximately US$750 million. Fairfax will also be entitled to receive up to US$235.7 million post-closing under a contingent value instrument. Luke Tanzer will remain the Managing Director of RiverStone Europe and Nick Bentley, the Chief Executive Officer of the RiverStone Group, will remain on the board of RiverStone Europe post-closing.

After closing, RiverStone Europe will also operate under the name RiverStone International and will seek to continue its successful track record of acquisitions and growth led by its existing management team.

“We are very pleased to enter into this transaction with CVC,” said Prem Watsa, Chairman and Chief Executive Officer of Fairfax. “RiverStone Europe is an industry leader in run-off insurance services, and CVC’s scale and vision will give RiverStone Europe, under the continued leadership of Luke and his management team, the opportunity to further grow the business. Nick and Luke are also fully supportive of this transaction, based on their strong beliefs that it was the best way for RiverStone Europe to continue to grow and pursue run-off transactions. We wish Luke and all of the employees at Riverstone Europe much success in the future. Fairfax remains committed to continuing to grow its other European businesses, including its Lloyd’s of London activities.”

“I am extremely happy to partner with CVC in this next chapter of our development,” said Luke Tanzer, Managing Director of RiverStone Europe. “This transaction will provide us with a runway for further growth as we continue to offer the most trusted and effective run-off solutions in the insurance market. We look forward to joining the CVC family and benefitting from their deep experience of financial services, global network and long term pool of capital.”

“As one of the largest global consolidators of non-life run-off insurance books, with a leading position in the UK and Lloyd’s market, embedded cash flows and a predictable financial profile, RiverStone Europe is ideally suited to CVC’s Strategic Opportunities platform, which specializes in backing established businesses in stable markets that have long term growth ambitions,” said Peter Rutland, Managing Partner and Head of Financial Services at CVC. “We have got to know RiverStone and Fairfax over many years, and are delighted to now have the opportunity to work with Luke Tanzer and his experienced team.”

The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close in early 2021.

Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.

CVC is making this acquisition through Strategic Opportunities Fund II, a vehicle designed to invest in high-quality businesses that are suited to longer hold investment horizons.

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